On Thursday 28 September, the Committee on Payments and Market infrastructures (CPMI), which represents some 20 central banks in the world and the European Central Bank, proposed a strategy to tackle fraud against wholsale payments made by banks and market financial infrastructures.
“Wholesale payments abroad is becoming increasingly sophisticated and is expected to evolve further. We need to move fast, and together, to guard against any loss of confidence in the system”, said CPMI Chairman, Benoît Cœuré, in a press release.
The reflection document, which was drafted by a working party launched in 2016 and headed up by Lawrence Street of the New York Federal Reserve Bank and Johan Pissens of the Banque Nationale de Belgique, calls on public and private stakeholders to adopt a holistic and coordinated approach to improve the security of wholesale payments.
In particular, the document recommends establishing clear security criteria for the parties to a transaction, identifying a range of emerging risks and monitoring their evolution, reacting promptly to potential fraud and supporting ongoing education and awareness and the sharing of information.
The document, which has been put for public consultation until 28 November, will feed into the reflections of the CPMI along with the responses to the consultation. The CPMI has announced that it intends to work on guidelines for 2018. (Original version in French by Marion Fontana)